Results for "lawsuits"

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Former manager for New York pension fund sentenced to 21 months for taking bribes for brokers

July 13, 2018

A former portfolio manager for New York's main pension fund must serve 21 months in prison for accepting gifts including concert tickets, drugs and luxury watches from brokers in exchange for steering billions of dollars in business to their...

Trump gives federal agencies power to hire in-house judges

July 11, 2018

President Donald J. Trump, seeking to head off some of the turmoil from a recent Supreme Court decision, issued an order Tuesday empowering the heads of federal agencies to directly appoint judges who decide cases ranging from Wall Street sanctions...

Fidelity lawsuit highlights firms' vulnerability

July 7, 2018

A millionaire widow's​ lawsuit against Fidelity Investments is a good example of how a firm can be sued even as it's trying to protect an elderly client from financial exploitation. In her lawsuit, Claudine Webb claimed that by freezing the...

Credit Suisse to pay $77M to settle bribery probes

July 5, 2018

Credit Suisse Group AG agreed to pay $77 million to settle U.S. bribery probes claiming the lender's Hong Kong unit attempted to win banking business by offering jobs to friends and family of Chinese officials. In a seven-year period, the bank...

Georgia decision on broker protocol could have wide impact

July 9, 2018

Financial advisers relying on the protocol for broker recruiting to protect their ability to jump to a new employer will face more obstacles now that a Georgia state court has ruled that advisers with contracts requiring them to give notice...

Supreme Court curbs SEC administrative law judges

June 21, 2018

The U.S. Supreme Court took a step toward consolidating the president's control over administrative agencies, ruling in favor of an investment adviser found to have misled prospective clients with his "Buckets of Money" retirement plan. The...

JPMorgan asks court for injunction against rep who left for Merrill Lynch

June 19, 2018

J.P. Morgan Securities has asked a federal court in Indiana to grant a temporary and preliminary injunction restraining one of its former brokers, Gabriel Campbell, from soliciting former clients to join him at his new employer, Merrill Lynch....

Supreme Court ruling on SEC judges unlikely to upend advice industry

June 21, 2018

The Supreme Court's ruling on Thursday against the Securities and Exchange Commission could help some financial advisers who are currently engaged in legal battles with the agency, but will likely have little impact on new cases, according to...

Court ruling may limit New York's powerful anti-fraud weapon

June 13, 2018

New York's powerful anti-fraud weapon known as the Martin Act was crimped by the state's highest court, which scaled back what was an $11 billion lawsuit against Credit Suisse Group AG over mortgage-securities practices in the run-up to the...

Judge dismisses stock-drop suit against Allergan

July 9, 2018

A federal judge has dismissed a complaint by participants in an Allergan defined-contribution plan, rejecting allegations that company and plan executives violated their fiduciary duties by offering company stock in the plan menu. The plaintiffs...

Former Finra analyst sues agency for age discrimination

June 26, 2018

A 54-year-old former analyst for the Financial Industry Regulatory Authority Inc. sued the agency over his termination, claiming that he was part of a layoff that unfairly targeted older workers. Brian McIntyre, who worked in the self-regulator's...

New York RIA to pay $8 million to SEC in settlement

June 4, 2018

New York-based investment adviser deVere USA has agreed to pay an $8 million civil penalty related to its failure to disclose conflicts of interest to its retail clients, the Securities and Exchange Commission said Monday. The settlement calls...

Wells Fargo customers saddled with fake accounts to get about $35 each in $142 million settlement

May 31, 2018

Wells Fargo & Co. customers who didn't consent to having 3.5 million accounts created by bankers trying to hit sales quotas are finally getting what a judge called "rough justice." U.S. District Judge Vince Chhabria agreed Wednesday to issue...

Former broker in Philadelphia sentenced to five years in prison

May 7, 2018

A former broker with the Bolton Global Capital in Wayne, Pa., has been sentenced to 63 months in prison, followed by one year of supervised release, and ordered to pay $886,214 in restitution to victims of his fraud. Paul W. Smith, the former...

5th Circuit denies states' second attempt to defend DOL fiduciary rule

May 22, 2018

The Fifth Circuit Court of Appeals denied Tuesday another effort by attorneys general from California, New York and Oregon to defend the Labor Department's fiduciary rule. Last week, the states filed a motion asking the court to reconsider its...

CFP Board: Judge's ruling validates our rights to protect the public

July 28, 2015

The recent court ruling to dismiss the lawsuit filed against Certified Financial Planner Board of Standards Inc. by Jeffrey and Kimberly Camarda marks a significant victory for the CFP certification, CFP professionals and, most importantly,...

Camardas: None of the 70,000 CFPs are entitled to their day in court

July 28, 2015

We think it paramount at this juncture to point out that this decision was not at all about the merits of our case or the fairness of the CFP Board's rules. The court decided the entire case by accepting the CFP Board's case law on voluntary...

Wells Fargo to pay $9.5 million to reps in compensation dispute

April 30, 2018

Wells Fargo Advisors will pay $9.5 million to settle a class action suit brought by 2,198 current and former brokers in California, who had charged that the firm failed to pay commissions in a timely manner and reimburse the brokers for expenses....

States trying to save DOL fiduciary rule appeal rejection of effort to intervene

May 17, 2018

This story has been updated with new material. Another attempt to appeal a federal court ruling striking down the Labor Department's fiduciary rule is keeping the measure viable for now, but it still faces long odds of defying death. California,...

UBS whistleblower told he doesn't get protection from firing

April 25, 2018

Wall Street whistleblowers just got another reason to take their gripes directly to the Securities and Exchange Commission. Employees who report corporate wrongdoing are offered financial incentives and protection from retaliation under the...

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